No Regulation

Score

0123456789.01234567890123456789
/10

bitay

Turkey

|

5-10 years

Suspicious Regulatory License|

Medium potential risk

https://www.bitay.com/en

Website

Yesterday Vol
Rating Index
Influence

Influence

C

Influence Index NO.1

Turkey 2.57

Better than 96.95% exchange(s)

Biz Area

Search Statistics

Advertising

Social Media Index

Influence
C

Licenses

No effective regulatory information has been founded yet, please pay attention to the risks!

Exchange Info

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Company Name
bitay
Phone of the company
+90 (850)466 66 00
Company website
More
Customer Service Email Address
info@bitay.co

WikiBit Risk Alerts

1
Previous Detection 2024-04-15

It has been verified that this Exchange currently has no valid regulation, please be aware of the risk!

Website

Genealogy

Social Media

Trade Type

Keywords

Time Machine

White Paper

Related Software

Github

Related Docs

All Corps

New Arrival

Vol Stat

Influence

Yesterday Vol

7 Days

$ 3.105m

$ 3.105m

14.72%

$ 2.458m

$ 2.458m

11.66%

$ 1.918m

$ 1.918m

9.09%

$ 1.845m

$ 1.845m

8.75%

$ 980,451

$ 980,451

4.64%

$ 970,743

$ 970,743

4.6%

$ 961,490

$ 961,490

4.55%

$ 876,627

$ 876,627

4.15%

$ 702,793

$ 702,793

3.33%

$ 688,193

$ 688,193

3.26%

$ 478,861

$ 478,861

2.27%

$ 448,205

$ 448,205

2.12%

$ 432,856

$ 432,856

2.05%

$ 346,468

$ 346,468

1.64%

$ 324,762

$ 324,762

1.54%

User Reviews

More

4 ratings

Participate in evaluation
Jackson41809
Bitay has strong price volatility, which can make people feel tense in an instant! However, its liquidity is indeed impressive, and transactions can be completed in seconds. Although the user interface needs improvement, the overall experience is decent.
2024-02-05 23:28
5
FX1276889395
Bitay’s transaction costs are reasonable and liquidity is good. However, its user interface needs improvement and is not friendly to novices. I hope it can be improved in the future.
2023-11-14 10:02
1
taivnaa
Bitay is alright for beginners, easy interface but liquidity is a bit of a problem. Trading fees suck a bit.
2023-11-02 10:39
4
FX1045604788
Bitay is acting cautiously at a stage of ensuring the security of transactions, but their online customer support needs to be strengthened and further improved.
2023-09-23 16:13
3
Company Name bitay
Registered Country/Area Turkey
Founded Year 2019
Regulatory Authority Not Regulated
Number of Cryptocurrencies Available 40+
Fees Maker Fee 0.2%, Taker Fee 0.28%
Payment Methods Bank transfer, credit/debit card
Customer Support Web Page Assistance

Overview of bitay

Bitay is a cryptocurrency exchange founded in 2019 and based in Turkey. Although it is not regulated by any known authority, the platform offers trading in over 40 different cryptocurrencies. The fee structure is set at 0.2% for makers and 0.28% for takers. Traders can fund their accounts through bank transfers or credit/debit cards. For any assistance, users can rely on web page assistance provided by Bitay.

Overview of bitay

Pros and Cons

Pros Cons
Competitive Fees Lack of Transparent Customer Support
Wide Range of Cryptocurrencies Regulatory Concerns
Mobile App Availability Relatively New

Pros:

  • Competitive Fees: With a maker fee of 0.2% and a taker fee of 0.28%, Bitay offers a competitive fee structure compared to many other exchanges.

  • Wide Range of Cryptocurrencies: Bitay provides access to over 40 different cryptocurrencies, giving traders and investors a broad spectrum of assets to choose from.

  • Mobile App Availability: Bitay's mobile app ensures users can trade and monitor their portfolios on the go, enhancing user experience and convenience.

Cons:

  • Lack of Transparent Customer Support: Bitay does not provide clear or obvious contact information for customer support on their platform, which could lead to potential challenges when users seek assistance.

  • Regulatory Concerns: Bitay is not regulated, which might raise concerns for potential investors and traders looking for platforms with stronger oversight and protection measures.

  • Relatively New: Established in 2019, Bitay is still relatively new to the market. This could mean they have yet to establish a long-standing reputation or track record in the crypto industry.

Regulatory Authority

Bitay operates without a recognized regulatory oversight. This absence of regulation might raise concerns for some potential users regarding the exchange's adherence to standard security and financial protocols.

Security

On the security front, Bitay has implemented 2-Factor Authentication (2FA), a basic but crucial layer of protection for user accounts. However, beyond this, the platform's overall security level is perceived to be relatively low when compared to other major exchanges that employ advanced security measures and are regulated by external authorities. Potential users should be aware of these aspects and exercise caution when considering using the platform.

Cryptocurrencies Available

Bitay offers a wide range of cryptocurrencies for trading on its platform. Currently, there are over 40 cryptocurrencies available, providing users with a variety of options to choose from. Some of the popular cryptocurrencies available on Bitay include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH), among others.

How to Open an Account?

  • Visit the Bitay website and click on the “Join Now” button. Fill in the required information, including your email address and password.

  • Verify your email address by clicking on the verification link sent to your inbox.

  • Complete the KYC (Know Your Customer) process by providing your personal information, such as your full name, date of birth, and address. You may also be asked to upload a copy of your identification document for verification.

  • Choose your preferred security settings, such as enabling two-factor authentication (2FA) for added account security.

  • Agree to the terms and conditions of Bitay and confirm your registration.

  • Once your registration is complete, you can log in to your Bitay account and start exploring the platform and trading cryptocurrencies.

Fees

Bitay operates with a competitive fee structure:

  • Maker Fee: 0.2%

  • Taker Fee: 0.28%

The fee and minimum transaction details are as follows:

  • CORD:

    • Minimum Confirm Account: 20

    • Minimum Withdraw Amount: 8,000 CORD

    • Withdraw Fee: 1,000 CORD

  • EUR:

    • Minimum Confirm Account: 1

    • Minimum Withdraw Amount: 10 EUR

    • Withdraw Fee: Not applicable

  • TRONUSDT:

    • Minimum Confirm Account: 1

    • Minimum Withdraw Amount: 10 TRONUSDT

    • Withdraw Fee: 5 TRONUSDT

  • USDT:

    • Minimum Confirm Account: 10

    • Minimum Withdraw Amount: 20 USDT

    • Withdraw Fee: 10 USDT

These cryptocurrencies are currently available for incoming and outgoing. It's important to note that the status of incoming and outgoing transactions for specific cryptocurrencies may vary. Therefore, it's always recommended to refer to Bitay's official website for the most updated information on fees and transaction conditions.

Symbol Min. Confirm Account Min. Withdraw Amount Withdraw Fee
CORD 20 8,000 CORD 1,000 CORD
EUR 1 10 EUR -
TRONUSDT 1 10 TRONUSDT 5 TRONUSDT
USDT 10 20 USDT 10 USDT

Payment Methods

Bitay supports two main payment methods: bank transfer and credit/debit card. Users can make deposits and withdrawals using these options.

The processing time for deposits and withdrawals may vary depending on the chosen payment method. Bank transfers typically take a longer time to process, usually ranging from a few hours to a few business days, depending on the bank and country. Credit/debit card payments, on the other hand, are usually processed almost instantly.

Educational Resources

Bitay provides a range of educational resources and tools to help users enhance their knowledge and improve their trading experience. These include:

  • Blog and News Section: Bitay maintains a blog and news section on its website, where users can access articles, market updates, and insights on various cryptocurrencies and trading strategies.

  • Trading Guides: Bitay offers trading guides that provide comprehensive information on different aspects of cryptocurrency trading. These guides cover topics such as technical analysis, fundamental analysis, risk management, and trading psychology.

  • Demo Account: Bitay provides a demo account feature, allowing users to practice trading with virtual funds. This is especially beneficial for beginner traders to familiarize themselves with the platform and test their trading strategies without risking real money.

  • Market Analysis Tools: Bitay offers various market analysis tools, such as real-time price charts, indicators, and historical data. These tools assist users in analyzing market trends and making informed trading decisions.

Is bitay a Good Exchange for You?

Bitay caters to various target groups in the cryptocurrency trading market. The following trading groups may find Bitay suitable:

  • Beginner Traders: Bitay provides a user-friendly platform and ample educational resources, making it suitable for novice traders who are new to cryptocurrency trading. The availability of a demo account allows beginners to practice trading without risking real money. Additionally, Bitay's customer support options ensure that beginners can seek assistance whenever needed.

  • Experienced Traders: Experienced traders can benefit from Bitay's wide range of available cryptocurrencies and trading tools. The platform's market analysis tools, such as real-time price charts and indicators, aid in making informed trading decisions. Moreover, Bitay's support for API integration allows experienced traders to connect their own applications or platforms for more advanced trading strategies.

  • Institutional Investors: Bitay's OTC trading services cater to institutional investors who require high liquidity and prefer to negotiate trades directly. The availability of a wide range of cryptocurrencies also allows institutional investors to diversify their investment portfolios.

Recommendations

For beginner traders, it is advisable to start with the demo account to gain familiarity with the platform and practice trading strategies. Utilizing the educational resources, such as the blog and trading guides, can also enhance their understanding of cryptocurrency trading.

Experienced traders can take advantage of the market analysis tools provided by Bitay to analyze market trends and make well-informed decisions. They can also consider utilizing Bitay's API integration feature to tailor the trading experience to their specific needs.

Institutional investors should explore Bitay's OTC trading services for efficient and secure large-volume trades. They should also diversify their cryptocurrency portfolio by taking advantage of the wide range of cryptocurrencies available on the platform.

FAQs

Q: What cryptocurrencies are available for trading on Bitay?

A: Bitay offers a diverse selection of over 40 cryptocurrencies, including popular options like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH), among others.

Q: What payment methods are supported by Bitay?

A: Bitay supports bank transfers and credit/debit cards as payment methods for deposits and withdrawals. Users can choose their preferred option based on their convenience and preference.

Q: What additional services does Bitay provide?

A: In addition to cryptocurrency trading, Bitay offers wallet services for secure storage of cryptocurrencies, OTC trading for high-volume trades, merchant solutions for businesses to accept crypto payments, and API integration for seamless connectivity with other platforms or applications.

Q: How long does it take to process deposits and withdrawals on Bitay?

A: The processing time for deposits and withdrawals may vary depending on the chosen payment method. Bank transfers typically take a few hours to a few business days, while credit/debit card payments are processed almost instantly.

User Review

User 1:

I've been using Bitay for a while now, and I must say, their security measures are top-notch. I feel confident knowing that my assets are protected through encryption and cold storage. The platform is also regulated by the Capital Markets Board of Turkey, which adds an extra layer of trust. The interface is user-friendly and easy to navigate, making it convenient for both beginners and experienced traders. The variety of cryptocurrencies available is impressive, allowing me to diversify my portfolio. Customer support is responsive and helpful, addressing any concerns I have. The trading fees are reasonable, and I appreciate the emphasis on privacy and data protection.

User 2:

I recently started using Bitay, and I'm impressed with the speed of their deposit and withdrawal process. Unlike some other exchanges, my transactions have been processed quickly and without any issues. The liquidity on Bitay is also quite good, ensuring that I can execute my trades smoothly. The order types available cater to different trading strategies, allowing for flexibility. The exchange stability is commendable, as I haven't experienced any downtime or glitches. Overall, I'm satisfied with my experience on Bitay and would recommend it to others looking for a reliable and efficient crypto exchange.

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.